Insurance Terms & Definition

The amount you pay for your insurance policy, usually on a monthly or annual basis.

The amount you must pay out of pocket before your insurance coverage begins to pay for a covered claim.

Protects you against financial loss if you are found legally responsible for causing injury or damage to someone else's property.

The person or entity who owns the insurance policy.

A request made to an insurance company for payment of benefits under a policy.

The protection and benefits provided under an insurance policy.

The person or entity designated to receive the death benefit from a life insurance policy.

A type of insurance that provides additional liability coverage beyond the limits of your other policies.

Coverage that protects against damages to your car not caused by a collision, such as theft, vandalism, or natural disasters.

Coverage that pays for damage to your vehicle resulting from a collision with another vehicle or object.

The value of your property, considering depreciation, at the time of a covered loss.

The process by which an insurance company evaluates the risk of insuring a person or entity and determines the premium and coverage terms.